Just Group has completed a buy-in transaction for the Trustees of the Air France (UK) Pension Scheme (“the Scheme”), covering approximately £32m of pensioner liabilities and almost 200 members of the Scheme.
This is the Scheme’s third buy-in and its second with Just, following a previous pensioner-only buy-in completed in 2014. The lead transaction adviser was Hymans Robertson. The Trustees’ legal advisers were Pinsent Masons.
Geraint Jones, Business Development Manager at Just Group, said: “Just Group is delighted to have had the opportunity to work with the Trustees again to significantly de-risk this scheme, providinglong-term security to the members of the Air France (UK) Pension Scheme.
When a Trustee board awards you a further transaction it creates a feeling of pride for the whole team at Just Group. It is a strong endorsement that we are delivering an outstanding service and doing the right thing for members. The transaction demonstrates that well-prepared schemes of all sizes can capture attractive pricing and terms, even in a busy bulk annuity market.”
Gary Barlow, Chair of Trustees, commented: “Following very positive management of the Scheme’s asset portfolio recently, the Trustees are delighted to have orchestrated this third buy-in further de- risking the Scheme and helping to improve the long-term security for all pensioner, active and deferred members. Selecting Just Group for the second time further strengthens the excellent working relationship we have with them.”
Louise Lane, Risk Transfer Specialist at Hymans Robertson, said: “It was a pleasure to work with the Trustees, Just Group and Pinsent Masons on this transaction and we are delighted to have improved security for members by further de-risking the Scheme. This transaction demonstrates that, despite a busy market, there are still opportunities for schemes of all sizes – especially when you have a group of trustees who are engaged with de-risking strategies and prepared to move quickly to capture opportunities. We look forward to continuing to support the Trustees on their de-risking journey.”